IKEA eyes india production unit

ALMHULT (SWEDEN): With its first store in India set to open next year, Swedish furniture retailer IKEA will consider setting up a production unit in the country, to fully tap the potential of ‘big middle class’ consumers in the market, CEO Peter Agnefjäll said. The company has purchased land in Hyderabad and Mumbai to start retail operations, and is looking to double sourcing of products from India by 2020.